/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/160729.mbx T R O U B L E D C O M P A N Y R E P O R T E R L A T I N A M E R I C A Friday, July 29, 2016, Vol. 17, No. 149 Headlines B R A Z I L BRAZIL: IDB OKs $25 Million Loan for Santo Andre C A Y M A N I S L A N D S AURORA HEDGED: Shareholders' Final Meeting Set for Aug. 11 AVOCET LEASING: Shareholders' Final Meeting Set for Aug. 10 BULOH INVESTMENT: Shareholders' Final Meeting Set for Aug. 15 CALIBE INVESTMENT: Shareholders' Final Meeting Set for Aug. 15 CHINA FISHERY: Files for Ch. 11 Bankruptcy Due to El Nino CHINA FISHERY: Taps Goldin Associates as Financial Advisor CHINA FISHERY: Taps RSR Consulting as Restructuring Consultant CHINA FISHERY: Seeks to Hire Meyer Suozzi as Legal Counsel BECA MACRO: Shareholders' Final Meeting Set for Sept. 30 EDANVI MANAGEMENT: Shareholders' Final Meeting Set for Aug. 15 FUTURE LTD: Shareholders' Final Meeting Set for Aug. 15 GREENHILL CAPITAL: Shareholders' Final Meeting Set for Aug. 11 GRP NOMINEE: Shareholders' Final Meeting Set for Aug. 19 TOPAZ PROPERTIES: Shareholders' Final Meeting Set for Aug. 10 UC BACCHUS: Shareholders' Final Meeting Set for Aug. 11 UC STILETTO: Shareholders' Final Meeting Set for Aug. 11 UC UNIVERSE: Shareholders' Final Meeting Set for Aug. 11 VSK (CPO): Shareholders' Final Meeting Set for Sept. 5 WILLOW INVESTMENT: Shareholders' Final Meeting Set for Aug. 15 D O M I N I C A N R E P U B L I C DOMINICAN REPUBLIC: West Region Groups Oppose Proposed Mining J A M A I C A JAMAICA: Looks to the East to Boost Cruise Tourism Sector M E X I C O FINANCIERA BEPENSA: Moody's Withdraws B2 Corporate Family Rating P U E R T O R I C O AEROPOSTALE INC: Sycamore Rift Goes to Trial as Vote Proceeds FANTASY JEWELRY: Hires Monge Robertin as Insolvency Advisor JOYUDA SEA FOOD: Hires Acevedo as Accountant KOMODIDAD DISTRIBUTORS: Hires Vallejo as Real Estate Appraiser SPORTS AUTHORITY: Top Executive Bonuses Draw Fire V E N E Z U E L A VENEZUELA: IMF Executive Board Holds Informal Briefing - - - - - =========== B R A Z I L =========== BRAZIL: IDB OKs $25 Million Loan for Santo Andre ------------------------------------------------ The Inter-American Development Bank (IDB) has approved a $25 million loan to improve transport infrastructure in the municipality of Santo Andre, in the greater Sao Paulo region in Brazil. The program will finance works that include a project to improve the bridge over the Tamanduatei River, and will also enhance the city's connections with the rest of the metropolitan area and the port of Santos. The plan also calls for construction of around four kilometers of dedicated rapid transit lanes for buses (BRT), which will reduce travel times and greenhouse gas emissions. The new bus stations will be universally accessible, including spaces for baby strollers and wheelchairs. The program will also improve urban facilities in intervention areas and will finance the broadening and improvement of sidewalks, new streetlights, and the creation of green areas and bike lanes. Finally, the program will support the implementation of a strategic road safety plan that will include public awareness measures to reduce traffic accidents, improvements in the safety of access to public schools, and monitoring and evaluation activities. The project will cut down on travel times for trucks, privately owned vehicles and buses and improve citizens' satisfaction with the municipal transport system. It will also improve access to low carbon public transport for a greater number of residents, boosting air quality and the overall quality of life in Santo AndrÇ. The $25 million IDB loan is for a 25-year term, with a 5.5-year grace period and a LIBOR-based interest rate. As reported in the Troubled Company Reporter-Latin America on March 29, 2016, severe contraction that was preceded by several years of below-trend growth has impaired Brazil's (Ba2 negative) underlying economic strength, despite the country's large and diversified economy, says Moody's Investors Service. The country's credit rating is also coming under pressure from the government's high level of mandatory spending. ========================== C A Y M A N I S L A N D S ========================== AURORA HEDGED: Shareholders' Final Meeting Set for Aug. 11 ---------------------------------------------------------- The shareholders of Aurora Hedged Equity Offshore Fund Ltd. will hold their final meeting on Aug. 11, 2016, at 10:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Scott Montpas c/o Aurora Investment Management L.L.C. 300 N. La Salle Street Chicago Illinois 60654 United States of America Telephone: +312 762 6717 AVOCET LEASING: Shareholders' Final Meeting Set for Aug. 10 ----------------------------------------------------------- The shareholders of Avocet Leasing Limited will hold their final meeting on Aug. 10, 2016, at 10:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Phang Thim Fatt 8 Shenton Way #18-01 Singapore 068811 BULOH INVESTMENT: Shareholders' Final Meeting Set for Aug. 15 ------------------------------------------------------------- The shareholders of Buloh Investment Ltd. will hold their final meeting on Aug. 15, 2016, at 10:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: ITA Bank and Trust Company Ltd. Suite 4210, 2nd Floor Canella Court 48 Market Street, Camana Bay P.O. Box 32203 Grand Cayman, KY-1208 Cayman Islands CALIBE INVESTMENT: Shareholders' Final Meeting Set for Aug. 15 -------------------------------------------------------------- The shareholders of Calibe Investment Ltd. will hold their final meeting on Aug. 15, 2016, at 12:00 noon, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Morval Bank & Trust Cayman Ltd. Telephone: 1 (345) 949-9808 P.O. Box 30622 Grand Cayman KY1-1203 Cayman Islands CHINA FISHERY: Files for Ch. 11 Bankruptcy Due to El Nino --------------------------------------------------------- China Fishery Group Limited, the Singapore-listed unit of Hong Kong's Pacific Andes International Holdings Ltd., filed a voluntary petition under Chapter 11 of the Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of New York on June 30, 2016. China Fishery, which sought bankruptcy protection with 15 affiliates, seeks to implement a restructuring of their businesses and utilize the automatic stay to prevent creditors from forcing a fire sale, which would preclude structurally subordinated creditors and shareholders from realizing value. The Debtors intend to operate their businesses in the ordinary course during these Chapter 11 cases. According to documents filed with the Court, "[T]he value of the CF Group is in jeopardy as a result of the aggressive and improper acts by certain lenders and natural events (El Nino) that together have triggered a liquidity crisis. A small group of lenders have grown impatient with (or are outright hostile to) a sale process that the Debtors commenced pre-petition and are threatening to enforce their rights against their respective Debtor obligors." Ng Puay Yee, managing director of Pacific Andes, said that while the Pacific Andes Group's initial goal was to maintain their businesses while finding sufficient cash to pay off their obligations, by September of 2015 it had become evident that they might need to take drastic steps to preserve as much of the Pacific Anded Group as possible. Accordingly, it was contemplated that some or all of the CF Group would be sold. At that time, an estimated market value of $1.6 to $1.7 billion had been placed on the CF Group by Deloitte & Touche Financial Advisory Services, Hong Kong. Had a sale been consummated in this range, the Initial Proposed Divestment would have allowed all creditors of Pacific Andes to be paid in full. Appointment of JPLs On Nov. 25, 2015, all negotiations were derailed by the ex parte commencement by The Hongkong and Shanghai Banking Corporation Limited of an action in the Hong Kong Court seeking the winding up of China Fishery Group Limited and China Fisheries International Limited and the appointment of joint provisional liquidators. Three joint provisional liquidators were appointed on an ex parte basis over CFGL and CFIL, two of the Debtors. On Jan. 5, 2016, their appointment was quashed by the very court that appointed them due to a failure by the petitioning party to have presented any credible evidence supporting the appointment of the JPLs. Moreover, the Court found that the evidence that HSBC had submitted was stale and did not merit the appointment in any way. "The appointment of the JPLs severely impacted negotiations with potential buyers and investors. The uncertainty caused by the appointment of the JPLs, and the suspension of operations, unsettled buyers and investors. Moreover, a forced deadline of July 15, 2016, by which a sale must be completed has led many potential buyers to take a "wait and see" attitude in hopes that there might be a fire sale," Mr. Yee maintained. Restructuring Process for CFG Peru In light of the immense and long standing financial difficulties and ongoing threats that were faced by or made against CFG Peru and the CF Group, especially with respect to its Peruvian business, the CF Group concluded that it was necessary to protect the Peruvian business of the CF Group. On June 30, 2016, ordinary insolvency proceedings were commenced in respect of each of CFG Investment, Copeinca and Sustainable Fishing Resources by way of an involuntary petition since the Peruvian Filing Entities were unable to satisfy the technical requirements of being able to submit audited financial statements for the fiscal year period ending April 30, 2016. Shortly after the commencement of the Peruvian Restructuring Proceedings, given the integral nature of the Peruvian Filing Entities to the Peruvian Andes Group and the CF Group, each of the Peruvian Filing Entities filed a petition under Chapter 15 of the Bankruptcy Code seeking recognition of the Peruvian Restructuring Proceedings by the Bankruptcy Court. About China Fishery China Fishery Group Limited (Cayman), et al., along with certain non-debtor affiliated entities, are part of a business group known as the Pacific Andes Group, which is the 12th largest seafood company in the world and one of the world's foremost vertically integrated seafood companies. The Pacific Andes Group provides seafood products to leading global wholesalers, processors and food service companies and has operations across the seafood value chain. As part of its business, the Pacific Andes Group engages in harvesting, sourcing, ocean logistics and transportation, food safety testing, processing, marketing and distribution of frozen fish products, as well as fishmeal and fish oil. The Pacific Andes Group's businesses span the globe with major operations in the People's Republic of China, the United States and Peru, including processing businesses in China, Germany, France, the United States and Peru. The Debtors are comprised primarily of investment holding companies and non-operating companies that previously were in the business of trading frozen seafood products or providing freight services. The Debtors also include: Protein Trading, a fishmeal trading company; SPSA, which provides shipping agency services; CFGLPL, a property investment company; and CFIL. CFG Investment S.A.C. Corporacion Pesquera Inca S.A.C. and Sustainable Fishing Resources, S.A.C. are affiliates of the Debtors, part of the CF Group, the subject of insolvency proceedings in Peru and the subject of Chapter 15 filings before the Bankruptcy Court. Pacific Andes Resources Development Limited is also contemplated to be the subject of insolvency proceedings in Singapore and a Chapter 15 proceedings before the Bankruptcy Court. As of March 28, 2015, the Pacific Andes Group, on a consolidated and unaudited basis, held approximately $4,669 million in assets and $2,515 million in liabilities. As of the Petition Date, the Debtors have approximately $4.27 million of cash on hand, including $1,687,007 on account of Meyer, Zuozzi, English, & Klein, P.C. in New York (in the form of a retainer for the rateable account of all Debtors), $1,720,000 on account with Goldin Associates, LLC in New York and $650,000 on account with RSR Consulting, LLC. The CF Group employs more than 2,800 people, of which 2,400 employees are based in Peru. The Debtors are represented by Howard B. Kleinberg, Edward J. LoBello, and Thomas R. Slome of Meyer, Suozzi, English & Klein as counsel. RSR Consulting LLC and Goldin Associates, LLC are the Debtors' financial consultant. The Debtors have requested joint administration of their Chapter 11 cases under Case No. 16-11895. CHINA FISHERY: Taps Goldin Associates as Financial Advisor ---------------------------------------------------------- China Fishery Group Limited (Cayman) seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to hire Goldin Associates, LLC, as financial advisor. The firm will provide these services in connection with the Chapter 11 cases of China Fishery and its affiliates: (a) prepare financial models for underlying assets and assessment of cash requirements; (b) prepare valuation and financial analysis of underlying assets; (c) support litigation by providing expert testimony and assistance with document requests; (d) provide expert testimony on valuation or plan feasibility (e) conduct a site visit of operating entities; (f) prepare financial analysis on recovery alternatives to all stakeholders; (g) meet with creditors and other stakeholders; (h) assist in evaluating post-petition cash requirements for the Debtors; (i) assist in creditor negotiations; and (j) assist in the development and negotiation of a plan of reorganization. The firm's professionals and their hourly rates are: Senior Managing Director $900 - $950 Managing Director/Sr. Advisor $700 - $900 Director $600 - $700 Vice-President $500 - $600 Associate $350 - $500 Analyst $250 - $350 David Prager, managing director of Goldin Associates, disclosed in a court filing that the firm is a "disinterested person" as defined in section 101(14) of the Bankruptcy Code. The firm can be reached through: David W. Prager Goldin Associates, LLC 350 Fifth Avenue The Empire State Building New York, New York 10118 Phone: (212) 593-2255 Fax: (212) 888-2841 About China Fishery Group China Fishery Group Limited (Cayman) and its affiliates sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S. D. N.Y. Case No. 16-11895) on June 30, 2016. The petition was signed by Ng Puay Yee, chief executive officer. The case is assigned to Judge James L. Garrity Jr. At the time of the filing, the Debtor estimated its assets at $500 million to $1 billion and debts at $10 million to $50 million. CHINA FISHERY: Taps RSR Consulting as Restructuring Consultant -------------------------------------------------------------- China Fishery Group Limited (Cayman) seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to hire RSR Consulting LLC as restructuring consultant. The firm will provide these services in connection with the Chapter 11 cases of China Fishery and its affiliates: (a) act as a liaison and coordinate information flow and efforts among the management, financial advisors, creditors and their advisors, and the U.S. Trustee's office (b) assist the management in the coordination and production of information; (c) attend court hearings and Section 341 meetings with creditors, if required; (d) assist the Debtors in the preparation of periodic reporting packages that may be required for their creditors; (e) provide expert testimony, if required; and (f) review restructuring alternatives and projections provided by the Debtors' professionals in connection with putting forth plans to the constituents and the court. The hourly rate for the firm's managing directors is $390 while the hourly rate for its managers and consultants ranges from $250 to $375. Robert Rosenfeld, a member of RSR Consulting, disclosed in a court filing that the firm is a "disinterested person" as defined in section 101(14) of the Bankruptcy Code. The firm can be reached through: Robert Rosenfeld RSR Consulting LLC 1330 Avenue of the Americas, Suite 23A New York, New York 10019 Phone: (212) 658-0300 Fax: (212) 658-0347 About China Fishery Group China Fishery Group Limited (Cayman) and its affiliates sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S. D. N.Y. Case No. 16-11895) on June 30, 2016. The petition was signed by Ng Puay Yee, chief executive officer. The case is assigned to Judge James L. Garrity Jr. At the time of the filing, the Debtor estimated its assets at $500 million to $1 billion and debts at $10 million to $50 million. CHINA FISHERY: Seeks to Hire Meyer Suozzi as Legal Counsel ---------------------------------------------------------- China Fishery Group Limited (Cayman) seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to hire Meyer, Suozzi, English & Klein, P.C. as its legal counsel. The firm will provide these services in connection with the Chapter 11 cases of China Fishery and its affiliates: (a) advising the Debtors about their powers and Duties and the conduct of the cases; (b) attending meetings and negotiating with representatives of creditors and other parties; (c) advising the Debtors with respect to actions necessary to protect their estates; (d) preparing legal papers; (e) representing the Debtors in connection with obtaining any required authorization to use cash collateral and post-petition financing; (f) advising the Debtors in connection with any potential sales of assets; (g) appearing before the court; and (h) taking any necessary action on behalf of the Debtors to negotiate, prepare and obtain approval of a disclosure statement and confirmation of a chapter 11 plan. The firm's professionals and their hourly rates are: Partners $250 - $550 Of Counsel $275 - $550 Associates $200 - $400 Paraprofessionals $100 - $135 Thomas Slome, Esq., at Meyer, disclosed in a court filing that the firm is a "disinterested person" as defined in section 101(14) of the Bankruptcy Code. In response to the request for additional information set forth in Paragraph D.1 of the U.S. Trustee Guidelines, Meyer disclosed that the firm and the Debtors have not agreed to any variations from, or alternatives to, its standard billing arrangements for the engagement. Meyer further disclosed that the firm and the Debtors expect to develop a prospective budget and staffing plan. The firm can be reached through: Howard B. Kleinberg, Esq. Edward J. LoBello, Esq. Jil Mazer-Marino, Esq. Meyer, Suozzi, English & Klein, P.C. 1350 Broadway, Suite 501 New York, NY 10018 Tel: (212) 239-4999 Email: hkleinberg@msek.com Email: elobello@msek.com Email: jmazermarino@msek.com About China Fishery Group China Fishery Group Limited (Cayman) and its affiliates sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S. D. N.Y. Case No. 16-11895) on June 30, 2016. The petition was signed by Ng Puay Yee, chief executive officer. The case is assigned to Judge James L. Garrity Jr. At the time of the filing, the Debtor estimated its assets at $500 million to $1 billion and debts at $10 million to $50 million. BECA MACRO: Shareholders' Final Meeting Set for Sept. 30 -------------------------------------------------------- The shareholders of Beca Macro Commodities Fund will hold their final meeting on Sept. 30, 2016, at 10:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Kristoffer Huldt IFIT Fund Services AG Voltastrasse 61 P.O. Box 2520 CH-8033 Zurich Telephone: +41 44 366 4016 Facsimile: +41 44 366 4039 EDANVI MANAGEMENT: Shareholders' Final Meeting Set for Aug. 15 -------------------------------------------------------------- The shareholders of Edanvi Management Inc. will hold their final meeting on Aug. 15, 2016, at 12:00 noon, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Morval Bank & Trust Cayman Ltd. Telephone: 1 (345) 949-9808 P.O. Box 30622 Grand Cayman KY1-1203 Cayman Islands FUTURE LTD: Shareholders' Final Meeting Set for Aug. 15 ------------------------------------------------------- The shareholders of The Future Ltd. will hold their final meeting on Aug. 15, 2016, at 12:00 noon, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Morval Bank & Trust Cayman Ltd. Telephone: 1 (345) 949-9808 P.O. Box 30622 Grand Cayman KY1-1203 Cayman Islands GREENHILL CAPITAL: Shareholders' Final Meeting Set for Aug. 11 -------------------------------------------------------------- The shareholders of Greenhill Capital Management Inc. will hold their final meeting on Aug. 11, 2016, at 10:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Adam Montanios c/o Diagoras House P.O. Box 25001 CY-1306 Nicosia Cyprus Telephone: + 357 22 660 766 GRP NOMINEE: Shareholders' Final Meeting Set for Aug. 19 -------------------------------------------------------- The shareholders of GRP Nominee Co. will hold their final meeting on Aug. 19, 2016, at 10:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Brijesh Kalaria The Blackstone Group 345 Park Avenue 31st Floor New York New York 10154 United States of America Telephone: +1 (212) 390 2819 TOPAZ PROPERTIES: Shareholders' Final Meeting Set for Aug. 10 ------------------------------------------------------------- The shareholders of Topaz Properties Limited will hold their final meeting on Aug. 10, 2016, at 10:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Caroline Riou c/o Wardour Management Services Limited P.O. Box 10147, Grand Cayman KY1-1002 Cayman Islands Telephone: (345) 945-3301 Facsimile: (345) 945-3302 UC BACCHUS: Shareholders' Final Meeting Set for Aug. 11 ------------------------------------------------------- The shareholders of UC Stiletto, Ltd. will hold their final meeting on Aug. 11, 2016, at 10:30 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Walkers Liquidations Limited Cayman Corporate Centre 27 Hospital Road, George Town Grand Cayman KY1-9008 Cayman Islands Telephone: +1 (345) 949 0100 UC STILETTO: Shareholders' Final Meeting Set for Aug. 11 -------------------------------------------------------- The shareholders of UC Stiletto, Ltd. will hold their final meeting on Aug. 11, 2016, at 10:40 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Walkers Liquidations Limited Cayman Corporate Centre 27 Hospital Road, George Town Grand Cayman KY1-9008 Cayman Islands Telephone: +1 (345) 949 0100 UC UNIVERSE: Shareholders' Final Meeting Set for Aug. 11 -------------------------------------------------------- The shareholders of UC Universe, Ltd. will hold their final meeting on Aug. 11, 2016, at 10:20 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Walkers Liquidations Limited Cayman Corporate Centre 27 Hospital Road, George Town Grand Cayman KY1-9008 Cayman Islands Telephone: +1 (345) 949 0100 VSK (CPO): Shareholders' Final Meeting Set for Sept. 5 ------------------------------------------------------ The shareholders of VSK (CPO) Limited will hold their final meeting on Sept. 5, 2016, at 9:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Darren Riley c/o Summit Management Limited Suite # 4-210 Governors Square 23 Lime Tree Bay Avenue P.O. Box 32311 Grand Cayman, KY1-1209 Cayman Islands WILLOW INVESTMENT: Shareholders' Final Meeting Set for Aug. 15 -------------------------------------------------------------- The shareholders of Willow Investment Company will hold their final meeting on Aug. 15, 2016, at 12:00 noon, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Morval Bank & Trust Cayman Ltd. Telephone: 1 (345) 949-9808 P.O. Box 30622 Grand Cayman KY1-1203 Cayman Islands =================================== D O M I N I C A N R E P U B L I C =================================== DOMINICAN REPUBLIC: West Region Groups Oppose Proposed Mining ------------------------------------------------------------- Dominican Today reports that a group of 27 organizations on announced their determination to prevent mining, which they affirm outsiders are promoting in the area next to their communities. The agricultural, environmental and neighborhood associations, as well as producers social organizations of rural women, and farmers, say the exploitation has been announced for the village Matadero (west), and gathered to state their opposition with the province's stakeholders in the town of Guanito, according to Dominican Today. The report notes that the conference, called by Women Farmers of El Llano (FEMUCALLA), the National Confederation of Rural Women (CONAMUCA) and Engineers without Borders (ISF), was attended by grassroots groups and producers, neighborhood boards, environmental associations, government officials, NGOs, churches, professional and personalities of the province. As reported in the Troubled Company Reporter-Latin America on July 1, 2016, Moody's Investors Service has changed the outlook on the Dominican Republic's long term issuer and debt ratings to positive from stable. The ratings have been affirmed at B1. ============= J A M A I C A ============= JAMAICA: Looks to the East to Boost Cruise Tourism Sector --------------------------------------------------------- Caribbean360.com reports that countries all over the world, including in the Caribbean, get a lot from China, whether directly or indirectly. But while clothing and consumer goods are what they usually look to the Asian country for, Jamaica is going after something more, according to Caribbean360.com. Minister of Tourism Edmund Bartlett said the Government will be looking to the Chinese market to help score a boost in earnings from the cruise ship sector by 2021, the report notes. "In September I am going to China, and we are going to talk about the possibility of having Chinese cruise emanating from within our area and going into the rest of the Caribbean," the report quoted Mr. Bartlett as saying. "That would enable us to look at other ports," Mr. Bartlett added. The report relays that Mr. Bartlett made the disclosure following a tour of development projects in Falmouth. Noting that the Falmouth Pier is being earmarked as the centrepiece for growth within the cruise shipping subsector, he said Government is projecting J$5 billion (US$39.5 million) in earnings from five million cruise ship passengers stopping in the island by 2021, the report notes. "We want to see Falmouth grow to 1.5 million visitors over that period of time, because it has the capacity," Mr. Bartlett noted. The projected growth in the tourism industry should result in more than 120,000 people being directly employed and another 300,000 people from induced employment, Mr. Bartlett said, the report adds. * * * As reported in the Troubled Company Reporter-Latin America on Feb. 15, 2016, Fitch Ratings has upgraded Jamaica's Long-term foreign and local currency IDRs to 'B' from 'B-' and revised the Rating Outlooks to Stable from Positive. In addition, Fitch upgraded Jamaica's senior unsecured Foreign- and Local-Currency bonds to 'B' from 'B-'. The Country Ceiling has been affirmed at 'B' and the Short- Term Foreign-Currency IDR affirmed at 'B'. =========== M E X I C O =========== FINANCIERA BEPENSA: Moody's Withdraws B2 Corporate Family Rating --------------------------------------------------------------- Moody's de Mexico withdrawn all ratings assigned to Financiera Bepensa S.A. de C.V. SOFOM E.N.R.'s (Financiera Bepensa). The ratings withdrawn include Financiera Bepensa's long-term global local currency corporate family rating of B2, long- and short-term global local currency issuer ratings of B2/Not Prime as well as long- and short-term Mexican National Scale issuer ratings of Ba1.mx/MX-4. Financiera Bepensa's stable outlook has also been withdrawn. RATINGS RATIONALE Moody's has withdrawn the rating for its own business reasons. LIST OF RATINGS AFFECTED The following ratings of Financiera Bepensa S.A. de C.V. SOFOM E.N.R. were withdrawn: Long-term global local currency corporate family rating of B2 Long-term global local currency issuer rating of B2 Short-term global local currency issuer rating of Not Prime Long-term Mexican National Scale issuer rating of Ba1.mx Short-term Mexican National Scale issuer rating of MX-4 The period of time covered in the financial information used to determine Financiera Bepensa's ratings is between 01/01/2011 and 09/30/2015 (source: Moody's and issuer's annual audited and quarterly unaudited financial statements). ====================== P U E R T O R I C O ====================== AEROPOSTALE INC: Sycamore Rift Goes to Trial as Vote Proceeds ------------------------------------------------------------- Tiffany Kary, writing for Bloomberg News, reported that a judge said that teen clothing chain Aeropostale Inc. can ask creditors to vote on its reorganization plan while also gearing up for a trial over whether a key creditor drove the company into bankruptcy to snap it up on the cheap. According to the report, U.S. Bankruptcy Judge Sean Lane in Manhattan said that he's "inclined to approve" the company's disclosure statement, which explains how the plan would work, so creditors can vote on whether to approve it. After criticizing the plan's lack of information about how much some creditors, such as mall landlords, stand to recover, the judge said the timeline should be changed so they can find out the results of an Aug. 22 asset auction before voting. "It's not perfect," Judge Lane said, but he called the plan the best the company could do given the deadlines imposed by lenders and Aeropostale's failure so far to announce a lead bidder for its assets. He asked that the New York-based company file a "supplement" to the plan to let creditors known when they can expect to find out how the auction is going. The retailer has asked Judge Lane to disqualify New York-based private equity firm Sycamore Partners from using its $150 million debt to bid at the auction, the report said. A trial on Aeropostale's complaint is set for Aug. 15, the report added. About Aeropostale, Inc. Aeropostale, Inc. (OTC Pink: AROPQ) is a specialty retailer of casual apparel and accessories, principally serving young women and men through its Aeropostale(R) and Aeropostale Factory(TM) stores and website and 4 to 12 year-olds through its P.S. from Aeropostale stores and website. The Company provides customers with a focused selection of high quality fashion and fashion basic merchandise at compelling values in an exciting and customer friendly store environment. Aeropostale maintains control over its proprietary brands by designing, sourcing, marketing and selling all of its own merchandise. As of May 1, 2016 the Company operated 739 Aeropostale(R) stores in 50 states and Puerto Rico, 41 Aeropostale stores in Canada and 25 P.S. from Aeropostale(R) stores in 12 states. In addition, pursuant to various licensing agreements, the Company's licensees currently operate 322 Aeropostale(R) and P.S. from Aeropostale(R) locations in the Middle East, Asia, Europe, and Latin America. Since November 2012, Aeropostale, Inc. has operated GoJane.com, an online women's fashion footwear and apparel retailer. Aeropostale, Inc. and 10 of its affiliates each filed a voluntary petition under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 16-11275) on May 4, 2016. The petitions were signed by Marc G. Schuback as senior vice president, general counsel and secretary. The Debtors listed total assets of $354.38 million and total debts of $390.02 million as of Jan. 30, 2016. The Debtors have hired Weil, Gotshal & Manges LLP as counsel; FTI Consulting, Inc. as restructuring advisor; Stifel, Nicolaus & Company, Inc. and Miller Buckfire & Company LLC as investment bankers; RCS Real Estate Advisors as real estate advisors; Prime Clerk LLC as claims and noticing agent; Stikeman Elliot LLP as Canadian counsel; and Togut, Segal & Segal LLP as conflicts counsel. Judge Sean H. Lane is assigned to the cases. The U.S. trustee for Region 2 on May 11 appointed seven creditors of Aeropostale Inc. to serve on the official committee of unsecured creditors. The Committee hired Pachulski Stang Ziehl & Jones LLP as counsel. FANTASY JEWELRY: Hires Monge Robertin as Insolvency Advisor ----------------------------------------------------------- Fantasy Jewelry Trading Inc., seeks permission from the U.S. Bankruptcy Court for the District of Puerto Rico to employ Monge Robertin & Asociados, Inc., as insolvency and restructuring advisor for the Debtor. The Debtor requires Monge Robertin to: 1. evaluate financial condition of the company to assist in the development of the reorganization plan; 2. review schedules and statement of financial affairs as may be necessary for amendments and for the development of the plan; 3. prepare cash flow projections as may be necessary for the Initial Debtor Interview, use of Cash Collateral and to Demonstrate feasibility of the proposed plan of reorganization; 4. prepare the Summary of Claims and Plan Payments to control scheduled amounts, claims filed, objections, allowable amounts, payments during the pendency of the case, and deferred payments under the plan; 5. reconcile claims with Claims Register and classify claims accordance with the Code; 6. assist the Debtor to develop the plan of reorganization including changes in the capital structure and financing to boost revenue volume, reduce operating costs, dispose of unnecessary assets and recover receivables; 7. assist counsel to develop drafts on the Disclosure Statement and plan; 8. prepare liquidation analysis with notes; 9. review tax and other proof of claims to recommend and support claim objections; 10. assist the Debtor in preparation of monthly operation reports (MORS) required by the guidelines of the Office of the US Trustee; 11. assist the Debtor to determine UST fees fro payment in accordance with current fee tables; 12. review existing accounting systems and procedures to provide recommendations for improvement; 13. review valuations of property and equipment; 14. review insurance policies and coverages and compliance with UST Guidelines; 15. review data processing systems and procedures to improve security and efficiency of operations; 16. review tax compliance and tax attributes to assist the Debtor in obtaining the full benefits permitted by law in relation to tax losses and non taxable adjustments of claims; 17. prepare prior year or current tax returns, if necessary; 18. prepare of feasibility report for confirmation of the Plan; 19. provide testimony, if necessary on feasibility or any other matter of expertise; 20. assist to obtain additional capital contributions or DIP financing; 21. assist counsel the compilation of 1129 statement data; 22. assist the Debtor in preparation of Quarterly Operating Reports from confirmation date to final decree; 23. assist legal counsel in any adversary proceedings that may arise in the course of the reorganization that may require financial and accounting support or testimony; 24. assist legal counsel and the Debtor in any negotiations with creditors or post-petition equity funding or financing; 25. review insurance coverage and expenses; 26. other financial management, and/or operations consulting to improve financial conditions; 27. investigate any fraud or abuse suspected in the Debtor's operations; 28. assist counsel and the Debtor to organize dockets, proof of claims and other documents to reduce electronic filing costs and provide efficient access to documents; 29. assist the Debtor to establish digital filing system to reduce filing costs and facilitate remote access for the Estate, counsel and financial advisors; 30. assist counsel to draft or review motions and answers to objections that involve financial and tax matters; 31. prepare Substantial Consummation Report for counsel to request Final Decree; and 32. any other support requested by counsel or the Debtor that is necessary for the benefit of the estate. Monge will be paid at these hourly rates: Jose M. Monge Robertin, CPA, CIRA, CGMA $275 Other CPAs pending CIRA Certification $180 Maria Pena, CIRA, MST-Reorganization Associate $175 Edgar Rivera Arroyo, BS-Systems Associate $150 Juanita Claudio, MBA-Tax Associate $125 Melissa Claudio - Accountant Associate $85 Support Staff $65 Accounting Assistants $35 Jose M. Monge Robertin, CPA, CIRA, CGMA of Monge Robertin & Asociados, Inc., assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtors and their estates. Monge may be reached at: Jose M. Monge Robertin Monge Robertin & Asociados, Inc. 97 Acosta Street Caguas, Puerto Rico 00725 Tel: (787)745-0707 Fax: (787)746-3895 About Fantasy Jewelry Fantasy Jewelry Trading Inc. filed a Chapter 11 bankruptcy petition (Bankr. D.P.R. Case No. 15-09021) on November 13, 2015. Paul James Hammer, Esq., at Estrella, LLC as bankruptcy counsel. JOYUDA SEA FOOD: Hires Acevedo as Accountant -------------------------------------------- Joyuda Sea Food, Inc., seeks authority from the U.S. Bankruptcy Court for the District of Puerto Rico to employ Heriberto Reguero Acevedo as accountant to the Debtor. Joyuda Sea Food requires Acevedo to: a. provide assistance to the Debtor in preparing the Monthly Reports of Operation; b. prepare the necessary financial statements; c. assist Debtor in preparing the cash flow projections and or any other projection needed for the Disclosure Statement; d. assist Debtor in any/all financial and accounting pertaining to, or in connection with the administration of the estate; e. assist Debtor in the preparation and filing of federal, state and municipal tax returns; and f. assist Debtor in any other assignment that might be properly delegated by management. Acevedo will be paid at these hourly rates: Heriberto Reguero Acevedo $150 Associates $75 Acevedo will also be reimbursed for reasonable out-of-pocket expenses incurred. Heriberto Reguero Acevedo, CPA, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtors and their estates. Acevedo can be reached at: Heriberto Reguero Acevedo 105 Ave. Borinquen Base Ramey, Aguadilla, PR 00603 Tel: (787) 890-3980 Email: heribereg@aol.com About Joyuda Sea Food Joyuda Sea Food Inc., filed a Chapter 11 bankruptcy petition (Bankr. D.P.R. Case No. 16-03770) on May 10, 2016. The Debtor is represented by Gloria Justiniano Irizarry, Esq. KOMODIDAD DISTRIBUTORS: Hires Vallejo as Real Estate Appraiser -------------------------------------------------------------- Komodidad Distributors, Inc., et al., seek authority from the U.S. Bankruptcy Court for the District of Puerto Rico to employ Vallejo & Vallejo as real estate appraiser to the Debtors. Komodidad Distributors requires Vallejo to: -- appraise the Six Commercial Properties, Two Residential Condo Unit, One Mixed use property in Caguas and One Commercial Property in San Juan for a total of ten (10) real properties; -- appear in court and attorney/appraiser meetings should they be necessary. Vallejo will be paid at these hourly rates: Jorge Vallejo $250 Vallejo will be paid a retainer in the amount of $24,375, of which $12,187.50 and applicable taxes will be payable upon authorization of the retainer, and the remaining $12,187.50 and applicable taxes will be payable upon delivery of the completed appraisals. Jorge Vallejo, licensed real estate appraiser of Vallejo & Vallejo, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtors and their estates. Vallejo can be reached at: Jorge Vallejo VALLEJO & VALLEJO Santa Ana Building No. 1610 Ponce de Leon Avenue Santurce, PR 00909 Tel: (787) 723-2121 Fax: (787) 724-3949 E-mail: jivallejo@vallejopr.com About Komodidad Distributors Komodidad Distributors, Inc., filed for Chapter 11 bankruptcy protection (Bankr. D.P.R. Case No. 16-04161) on May 25, 2016. The petition was signed by Jorge Galliano, president. The Hon. Enrique S. Lamoutte Inclan presides over the case. The Debtor estimated assets of $50 million to $100 million and estimated debts of $10 million to $50 million. Komodidad Distributors' Chapter 11 case is jointly administered with those of G.A. Design & Sourcing, Inc., GMAXPORT, Inc., G.A. Investors, S.E., and G.A. Property Development, Corp., under (Bankr. D.P.R. Case No. 16-04164). SPORTS AUTHORITY: Top Executive Bonuses Draw Fire ------------------------------------------------- Peg Brickley, writing for The Wall Street Journal Pro Bankruptcy, reported that Sports Authority's creditors and the Justice Department have challenged the fading retailer's plans to pay top executives as much as $2.85 million in bankruptcy bonuses. According to the report, as the liquidation entered its final weeks, Sports Authority unveiled plans for bonuses to four top executives, people the company doesn't want to name. U.S. Trustee Andrew Vara, a Justice Department bankruptcy watchdog, and lawyers for the official committee of unsecured creditors protested the bonuses and the secrecy surrounding the rewards to top executives, the report related. "The debtors are seeking to allow payment of compensation, outside of the ordinary course of business, of a substantial amount of money, to a very few, select, insider executives," the report said, citing Mr. Vara's lawyer. The bonus money is needed to encourage the executives to do their best in the company's final days, the report said, citing Sports Authority's lawyers. Confidentiality is appropriate to protect morale, and prevent competitors from using the pay data to lure Sports Authority's leaders away, the company contends, the report related. Unsecured creditors called Sports Authority's argument about the need to protect morale "ridiculous," the Journal further related. Liquidators, not top management, are running the final effort to get dollars in the doors, the report said, citing creditor lawyers in papers filed with the U.S. Bankruptcy Court in Wilmington, Del. About Sports Authority Holdings Sports Authority Holdings, et al., are sporting goods retailers with roots dating back to 1928. The Debtors currently operate 464 stores and five distribution centers across 40 U.S. states and Puerto Rico. The Debtors offer a broad selection of goods from a wide array of household and specialty brands, including Adidas, Asics, Brooks, Columbia, FitBit, Hanesbrands, Icon Health and Fitness, Nike, The North Face, and Under Armour, in addition to their own private label brands. The Debtors employ 13,000 people. Sports Authority and six of its affiliates filed Chapter 11 bankruptcy petitions (Bankr. D. Del. Case Nos. 16-10527 to 16-10533) on March 2, 2016. The petitions were signed by Michael E. Foss as chairman & chief executive officer. The Debtors have engaged Gibson, Dunn & Crutcher LLP as general counsel, Young Conaway Stargatt & Taylor, LLP as co-counsel, Rothschild Inc. as investment banker, FTI Consulting, Inc., as financial advisor and Kurtzman Carson Consultants LLC as notice, claims, solicitation, balloting and tabulation agent. Andrew Vara, Acting U.S. trustee for Region 3, appointed seven creditors of Sports Authority Holdings Inc. to serve on the official committee of unsecured creditors. Lawyers at Pachulski Stang Ziehl & Jones LLP represent the Official Committee of Unsecured Creditors. ================= V E N E Z U E L A ================= VENEZUELA: IMF Executive Board Holds Informal Briefing ------------------------------------------------------ On July 25, 2016, the Executive Board of the International Monetary Fund (IMF) was briefed by staff on economic developments in Venezuela, whose Article IV consultation is delayed by 127 months. Informal sessions to brief the Board based on information available are held approximately every 12 months for members whose Article IV consultations are delayed by more than 18 months. For more information, one may visit https://is.gd/Zvfq1J As reported in the Troubled Company Reporter-Latin America on July 5, 2016, Fitch Ratings affirmed Venezuela's Long-Term Foreign-and Local-Currency Issuer Default Ratings (LT FC/LC IDR) at 'CCC'. Fitch has also affirmed the sovereign's Short-Term Foreign Currency (ST FC) IDR at 'C' and country ceiling at 'CCC'. *********** Monday's edition of the TCR-LA delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR-LA editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR-LA constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR-LA editor holds some position in the issuers' public debt and equity securities about which we report. Tuesday's edition of the TCR-LA features a list of companies with insolvent balance sheets obtained by our editors based on the latest balance sheets publicly available a day prior to publication. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. Submissions about insolvency-related conferences are encouraged. Send announcements to conferences@bankrupt.com *********** S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Latin America is a daily newsletter co-published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Valerie U. Pascual, Julie Anne L. Toledo, and Peter A. Chapman, Editors. Copyright 2016. All rights reserved. ISSN 1529-2746. This material is copyrighted and any comillionercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR Latin America subscription rate is US$775 per half-year, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter A. Chapman at 215-945-7000 or Nina Novak at 202-362-8552. * * * End of Transmission * * *